Nigerian Stocks Shed Gains For Profit- Taking

Nigerian stocks fell on Friday after a two-day rally, as asset managers booked profit ahead of their half-year fund returns, traders said.

The index fell 1.07 percent by mid trades, down to 32,000 level, dragged lower by losses in the banking, cement and petroleum sectors.

“The fall in the market is as a result of month-end profit-taking by some institutional investors and individuals,” one stock broker said.

Shares in household products maker Unilever fell 9.74 percent, fuel retailer Forte dropped 4.99 percent followed by United Bank for Africa, down 4.22 percent.

Other decliners included Dangote Cement, which accounts for a third of the market capitalisation, which dropped 2.31 percent, and Diamond Bank down 3.85 percent.

Author: NewsAdmin

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